Durbin voices support for Bernanke

Bernanke traveled to the Hill Monday to meet with Minority Whip Dick Durbin
(D-Ill.), who afterwards said he had some concerns but repeated his support.

“During the darkest days of this economic recession,
when this country was teetering on the brink of a depression, this man and his
leadership at the Federal Reserve made a difference,” Durbin said.

He said Bernanke had made critical decisions “which saved
our country from the abyss."

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The Senate is expected to vote on Bernanke’s nomination by the end of the week.
His term expires at the end of January.

Durbin said he reviewed with Bernanke a list
of concerns that Democratic senators have raised about his tenure.
Specifically, Durbin said he and Bernanke discussed the Fed's forecasting ability,
and that Bernanke was “frank and candid that mistakes were made” in failing to
foresee the 2009 economic collapse. The two also discussed transparency and
accountability, with Bernanke pledging more of both, as well as the need for
more consumer protection and job growth.

At the White House, Press Secretary Robert Gibbs said the
Obama administration remains confident in a safe margin of support. Gibbs
said a vote for Bernanke would send a message of economic stability.

“This is an important opportunity to demonstrate greater
stability in our overall system by approving his renomination for another term
at the Fed,” he said.

To shore up the nomination, several prominent Democrats such
as Majority Leader Harry Reid (D-Nev.), Durbin, John Kerry (D-Mass.) and
Banking Committee Chairman Chris Dodd (D-Conn.) issued statements of support
for Bernanke in recent days. The nomination received a measure of support on
Sunday from Minority Leader Mitch McConnell (R-Ky.), who said he expected
Bernanke would be confirmed with a bipartisan vote.

After a plunge on Friday, Wall Street also steadied itself Monday, with the Dow
nudging upwards 24 points. It had lost more than 500 points in the last three
business days last week.

Durbin announced over the weekend that he planned to support Bernanke, but
arranged Monday's meeting to raise concerns over a lack of transparency and
accountability. In a statement issued earlier Monday, he threatened to push
banking reform legislation - a longtime priority of Durbin's - if the Fed does
not.

A survey by The Hill shows 35 senators on record as supporting Bernanke, with
17 opposed.